Manufactures specialty steel — melted and processed into bars, rods, and bright bars — for automotive and engineering customers including Toyota, Maruti, and European OEMs. A forging joint venture with Japan's Aichi Steel is being set up at Ludhiana to make ring gears and precision-forged auto components for OEMs in India, Europe, ASEAN, Africa, and Mexico. Q1 FY27 sold 59,000 tons at ₹486 crore revenue (+12% YoY) and an EBITDA per ton of ₹10,750-10,760; FY28 EBITDA per ton guidance has been raised to ₹8,000-12,000. Current melting capacity is 3 lakh tons, with an environmental clearance application to lift it to 3.6 lakh tons and a separate 5 lakh ton greenfield plant targeted for FY29-30 commissioning. The forging unit carries a ₹475 crore capex (tracking >10% below estimate) and aims to commission by March 2028 with revenue from FY30. Materials are the largest cost at 55.5% of FY26 revenue, when the company reported ₹1,754.43 crore in revenue and ₹122.02 crore in net profit. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Specialty steel, Forged auto components. Capacity-constrained specialty steelmaker expanding into forged auto components; capital-intensive brownfield and greenfield build-out underway
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 1,764 |
| EBITDA (ex other income) | 148 |
| margin % | 8.4 |
| Owners' profit | 93 |
| EPS, as reported (₹) | 11.40 |
| ROE % · ROCE % | 11.7 · 17.5 |
| Debt / equity (x) | 0.15 |
| Cash from operations | 127 |
| Capex | (119) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|
| Revenue | 415 | 495 | 427 | 428 |
| Profit before tax | 35 | 35 | 28 | 27 |
| Net profit | 26 | 26 | 21 | 20 |
| EPS (₹) | 3.20 | 3.17 | 2.63 | 2.42 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Analysts/Investors Meet Outcome - No UPSI Shared | investor communications | low | — | — |
| 9 Sept 2026 · Demat report: 451 shares converted to electronic form in Aug 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Vardhman Special Steels to meet analysts and investors on Sept 9 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Letter to Members for 16th AGM and Annual Report FY2025-26 | compliance | minimal | — | — |
| 26 Aug 2026 · Vardhman Special Steels publishes AGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 25 Aug 2026 · VSSL files BRSR for FY 2025-26, highlights green steel progress | compliance | low | — | — |
| 25 Aug 2026 · AGM notice on Sept 18, 2026 with FY26 Annual Report and e-voting details | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Record date and book closure for dividend and AGM | compliance | minimal | — | — |
| 20 Aug 2026 · Vardhman Special Steels fixes 28 Aug 2026 as record date for dividend | corporate actions | medium | — | — |
| 18 Aug 2026 · Company shares copy of newspaper publication with exchange | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 15,069 |
| 29.7 |
| 4.56 |
| 19.8 |
| 14.1 |
| 17.7 |
| 12.0 |
| 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.9 | 16.2 | 95 of 118 | 20% |
| P/B | 4.8 | 1.7 | 87 of 99 | 12% |
| ROCE | 15.2 | 8.7 | 27 of 120 | 78% |
| ROE | 11.7 | 8.6 | 36 of 114 | 69% |
| Debt / Equity | 0.1 | 0.1 | 57 of 114 | 50% |
| EBITDA margin | 9.0 | 11.0 | 58 of 100 | 42% |
| Market cap | 3852 | 247 | 24 of 120 | 81% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
